A real estate power of attorney form is a document that real estate owners or property holders must create in order to authorize an individual to be an agent or attorney-in-fact to act on the behalf of the property holder. With this type of form, the property holder or owner will be able to specify and designate roles and responsibilities, as well as limitations to his chosen agent. Furthermore, the form must be reviewed and rechecked by a legal attorney or lawyer whom the property holder or owner entrusts with the fate of his property and his own rights as the owner.
How a Real Estate Power of Attorney Form Works
Basically, POAs or power of attorney forms are intended for documenting the directives and the preferences as well as requests of the principal grantor of the power. For real estate property owners, a POA will serve as proof of his authorization to the attorney-in-fact or agent and a tool to present to the agent his wills and preferred decisions related to how his property will be managed during his absence. The form must be presented by the agent upon doing any transaction in relation to the protected property of the principal. Most often, retirement and incapacitation are the two main reasons when power of attorney forms are used.
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How to Get a Real Estate Power of Attorney Form
A real estate power of attorney form can be acquired from a lawyer or from online such as in our site where there are several varieties to choose from. If, however, obtaining the form online, the principal or the property owner must check the contents of the form before choosing which among the varieties will be downloaded to be used. The steps to follow in order to get a real estate power of attorney form from our site are listed below:
Step 1: Click on the download button.
The download button is located in the details section beside the sample image of the chosen form variety. Once clicked, a ZIP or compressed file will be downloaded where the form will be located.
Step 2: Extract the compressed file.
The form should be extracted from the ZIP or compressed file in order for it to be accessed and be used. There are various methods of extracting the file which depends on the type of software and operating system installed on the device where the form will be opened. Most often, double-clicking the ZIP file will open it where the extract option is indicated along with the other menu options.
Step 3: Open and edit the contents of the form.
The contents should meet the requirements of the State where the power will be executed. In addition, it should also have the necessary policies and its explanations which will aid the agent in executing his power effectively for the benefit of the principal or the real estate property owner.
The last step is to save the form and have it printed out or be ready to be filled out with the right data and information. After the form is signed by the involved parties, a duplicate copy must be made to be provided to each party in order for them to have a copy of the entire terms and clauses of the agreed power and authorization.
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Real Estate Power of Attorney Form FAQs
Is a real estate power of attorney form a legal form?
Yes, a real estate power of attorney form is a legal form which is why the role of a notary public or a lawyer who specializes in real estate matters is important. The form must be notarized prior to having the signatures of the involved parties to prove that the involved parties have certified and affirmed that they both understood and agreed on the statements indicated in the document.
Can the agent do anything he wants to property defined in the real estate power of attorney form?
No, an agent will not be allowed to do anything that he pleases or prefers to do with the property of the principal since there are limitations and specific instructions included in the POA. Anything that harms or puts the property of the principal in risk should not be done by the agent. Moreover, States and countries also have laws regulated in terms of
Can anyone be appointed as an agent to a real estate power of attorney?
Yes, anyone whom the principal or property owner trusts can be his agent. Most often, the agents are relatives or direct family members of the principal since there is greater trust that a relative will choose or make decisions with the best interest of the principal in mind.
Does a real estate power of attorney form survive the death of the principal or grantor of the power?
No, every type of real estate power of attorney will be terminated after the death of the principal even if it is a special power or a durable power of attorney. However, a durable type of POA can survive when the principal becomes mentally incapacitated. Nonetheless, every decision the agent of a durable POA must do should be beneficial to the principal and the property named in the power of attorney form.
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Overriding a Signed Real Estate Power of Attorney Form
Overriding a signed and executed real estate power of attorney form can only be done by an immediate family member of the principal through filing a petition to the court. The process in which the involved parties will take will depend on the regulations of the State where the power was notarized and filed beforehand. Furthermore, it will be the decision of the court as to whether the power will be revoked or terminated from the agent. However, the termination can only be successful if the agent has shown that he is working and using the power for his own benefit or improperly. This means that supplemental forms and proof about the agent’s transactions and actions should be provided by the petitioner to the court.
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